Survey: US consumers less confident in July

[July 28, 2012]  WASHINGTON (AP) -- Americans were less confident in the U.S. economy in July, expressing concerns about their job and income prospects.

The University of Michigan's index of consumer sentiment dipped to 72.3 from 73.2 in June. The index is still higher than the same month last year, when the reading was 63.7.

The survey found that few Americans expect their inflation-adjusted income to increase over the next year. And half of those surveyed see the 8.2 percent unemployment rate falling much lower that time.

Consumers cut back sharply on spending in the April-June quarter, according to a separate Commerce Department report. That's the main reason economic growth slowed to an annual rate of only 1.5 percent in the second quarter, down from a revised 2 percent in the previous quarter.

[Associated Press; By CHRISTOPHER S. RUGABER]

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